US housing market still ‘very appealing’ for Chinese buyers, with purchases tipped to surge in 2022
- Chinese investment in US commercial property grew to US$700 million over the year ending in September, says the National Association of Realtors
- Though demand is about half of pre-pandemic levels, it is expected to rebound strongly in 2022, according to property agents across the country
Chinese demand for US property grew late last year and is predicted to climb further in 2022 as coronavirus travel restrictions are eased, industry insiders have said.
About US$700 million worth of Chinese money entered the US commercial property market over the year ending in September, up from US$600 million the previous year, the Washington-based National Association of Realtors said in a February outlook.
Though demand is about half of pre-pandemic levels, it is expected to rebound strongly this year, according to Asian real estate technology group Juwai IQI Holdings.
“Even though China’s borders remain closed at this time, we believe 2022 will see Chinese buying of US property begin to climb again,” Kashif Ansari, the group’s CEO, said on Monday.
When China’s borders reopen to free travel, the rebound in Chinese property acquisition will rapidly gain pace as visits climb